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Unibot Cyber Attack Results in $560,000 Loss for Users

Unibot faces a breach, users lose $560,000 in memecoins; firm promises compensation.

Tue, 31 Oct 2023, 23:59 pm UTC

Unibot, known for its Telegram bot that facilitates trades on the decentralized Uniswap platform, recently fell victim to a cyber attack. This unfortunate breach occurred on October 29 and led to the loss of approximately $560,000, which was held in various memecoins by Unibot users.

On October 31, Scopescan, a firm specializing in blockchain analytics, alerted users to the breach at Unibot. They discovered that an exploit in a recently released Unibot contract had siphoned off cryptocurrency assets from multiple users. Unibot addressed the situation, stating that their system detected an issue in token approval within their new routing system, leading them to suspend this router to address the matter.

While Unibot and specialized blockchain investigators continue to investigate the breach, Scopescan has proactively recommended remedial measures. They strongly advised users to revoke permissions associated with the compromised contract and transfer their assets to a more secure digital wallet. This recommendation is based on Scopescan's data, which shows that the cybercriminal is currently converting the illicitly acquired memecoins to Ethereum (ETH).

In the wake of this distressing incident, the market showed visible unrest. This was evidenced by a sudden 43% drop in the value of the UNIBOT token within just 60 minutes, with its price plummeting from $57.6 to a low of $32.9. Encouragingly, the token has shown signs of a price recovery at present.

In response to the unfortunate incident, Unibot has taken a responsible stance by assuring reimbursement to all users who suffered financial losses due to the contract breach. A closer examination of transaction data over the past week reveals that digital currencies like UNIBOT, Joe (JOE), and BeerusCat (BCAT) accounted for a significant portion of the stolen amount.

Additionally, Scopescan has revealed that another address, strikingly similar to the one used in the breach, has been established and is actively employed to deceive and strip assets from unsuspecting individuals.

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